Here is a strategy I had recommended to some of my friends who are anticipating a 2X - 5X upside move in DNDN.
Buy the Jan 4.50 call and sell the Jan 1.50 put. If done as a spread, your net cost should be around 0.00
In order to minimize drawdown in case the share price drops, it is best not to go out too far in time. Just put on a new position when this one expires. The good thing is that this will cost you nothing as long as the share price remains above 1.50